XML 20 R10.htm IDEA: XBRL DOCUMENT v3.22.2
Neubase Asset Sale
6 Months Ended
Jun. 30, 2022
Neubase Asset Sale [Abstract]  
Neubase Asset Sale

4. NEUBASE ASSET SALE

On January 27, 2021, the Company entered into an asset purchase agreement with NeuBase Therapeutics, Inc. (NeuBase), whereby the Company agreed to sell all assets relating to its investment in PNAi, including all inventory, machinery, intellectual property, goodwill, and licenses, and NeuBase agreed to assume certain related liabilities. The sale of the Company’s investment in PNAi closed on April 26, 2021. A gain of $2.7 million was recognized on the sale to NeuBase. The Company received $0.8 million in cash and 308,635 shares of NeuBase common stock, with a fair market value of $1.8 million based on the closing price reported on the Nasdaq Capital Market on the date the sale closed. Of the total NeuBase shares issued to the Company, 162,260 shares were placed in escrow to secure certain obligations under the asset purchase agreement; of which, 54,070 shares were released from escrow in March 2022. In connection with the sale, the Company also assigned certain leases for research and laboratory equipment to NeuBase.